{
  "crd_number": 304859,
  "slug": "participant-capital-miami-fl-304859",
  "primary_business_name": "PARTICIPANT CAPITAL",
  "legal_name": "PARTICIPANT CAPITAL ADVISORS, LLC",
  "dbas": [],
  "city": "Miami",
  "state": "FL",
  "country": "United States",
  "cbsa_code": "33100",
  "metro": {
    "cbsa_code": "33100",
    "common_name": "Miami",
    "msa_name": "Miami-Fort Lauderdale-West Palm Beach, FL",
    "path": "/advisors/fl/miami"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2021-11-08",
  "years_registered": 4,
  "period": "2026-10-01",
  "filing_date": "2026-03-24",
  "carried_forward": false,
  "raum_total": 166142240.0,
  "raum_discretionary": 166142240.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 9,
  "advisory_employees": 2,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 166142240.0,
      "count": 6
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "FL"
  ],
  "websites": [
    "https://facebook.com/pcapfund",
    "https://instagram.com/participantcapital",
    "https://linkedin.com/company/participant-capital",
    "https://participantcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/304859",
  "city_as_filed": "MIAMI",
  "url": "https://advisorcensus.com/firm/participant-capital-miami-fl-304859",
  "display_name": "Participant Capital",
  "summary": "Participant Capital is an SEC-registered investment advisory firm in Miami, FL, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 24, 2026.",
  "citation": "AdvisorCensus. Participant Capital (CRD 304859): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Participant Capital compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Participant Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "How much does Participant Capital charge?",
      "a": "Its Form ADV Part 2A brochure dated March 24, 2026 states: Asset-based fee: 1.5% to 2.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Participant Capital located?",
      "a": "Participant Capital's principal office is in Miami, FL, according to its Form ADV."
    },
    {
      "q": "Is Participant Capital registered with the SEC or a state?",
      "a": "Participant Capital is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 304859."
    },
    {
      "q": "How much does Participant Capital manage?",
      "a": "Participant Capital reports $166,142,240 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary)."
    },
    {
      "q": "How have Participant Capital's assets and staff changed since 2022?",
      "a": "In the Form ADV data for Participant Capital: Regulatory assets under management: $208,301,806 in the October 2022 data and $166,142,240 in the October 2026 data, down 20%. Total employees: 21 in October 2022 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Participant Capital serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6)."
    },
    {
      "q": "Does Participant Capital report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/304859"
    }
  ],
  "filing_history": [
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 208301806.0,
      "total_employees": 21,
      "filing_date": "2022-06-09"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 239294473.0,
      "total_employees": 20,
      "filing_date": "2023-09-07"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 159075496.0,
      "total_employees": 15,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 171107026.0,
      "total_employees": 12,
      "filing_date": "2025-04-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 166142240.0,
      "total_employees": 9,
      "filing_date": "2026-03-24"
    }
  ],
  "recent_changes": [],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 24, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "1.5% to 2.5% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 1.5% to 2.5% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "The Firm’s Management Fee ranges from 1.5% to 2.50% of the net asset value or based on capital contributions and when applicable, is dependent on the share class as measured at the beginning of each calendar month."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        1.5,
        2.5
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "The Firm’s Management Fee ranges from 1.5% to 2.50% of the net asset value or based on capital contributions and when applicable, is dependent on the share class as measured at the beginning of each calendar month."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/participant-capital-miami-fl-304859.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 6,
      "fewer_than_5": false,
      "raum": 166142240.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/304859",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}